Pasteur Retail Park was purchased from London & Capital for £20.6 million and comprises 122,000 square feet of retail warehouse space. Tenants include B&Q, Home Bargains, Pets at Home and Argos, with one vacant unit.
The second joint venture between Ediston and a Europa Capital managed fund has been established in order to acquire a portfolio of retail warehouse and office properties in the UK, with the intention of enhancing value through asset management initiatives. The partnership is looking to invest an additional £95 million of capital.
Danny O’Neill, founding partner of Ediston, commented that, “this joint venture follows on from the success of our UK Opportunity Partnership which we set up in 2011. With respect to the Great Yarmouth asset discussions are under way regarding the letting of the vacant unit, with an exciting retailer. There are a number of other interesting asset management initiatives which are being considered which will help drive returns”.
Robert Sim, Partner and Head of Northern Europe at Europa Capital, said, “Pasteur Retail Park is the first acquisition of the new joint venture with Ediston Real Estate. We are delighted with this quality asset which provides solid income and a number of asset management opportunities. Ediston are an experienced partner with whom we can create value through selective purchases and active asset management.”
Ediston Real Estate and Europa Capital were represented by Stockford Staunton and Morgan Williams. London & Capital were represented by Wilkinson Williams.